v3.26.1
Inventories
3 Months Ended
Apr. 03, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories on the Consolidated Balance Sheets are summarized as follows:
April 3,December 31,
(Thousands)20262025
Raw materials and supplies$133,942 $108,040 
Work in process292,328 298,695 
Finished goods67,417 54,496 
Inventories, net$493,687 $461,231 
The Company maintains the majority of the precious metals and portions of copper and nickel used in production on a consignment basis in order to reduce its exposure to metal price movements and to reduce its working capital investment. The notional value of off-balance sheet precious metals, copper and nickel was $579.7 million and $526.2 million as of April 3, 2026 and December 31, 2025, respectively.